A Federal High Court in Lagos has convicted and sentenced Onatayo Pelumi for retaining about ₦132 million suspected to be proceeds of unlawful activities in bank accounts linked to Guaranty Trust Bank and Zenith Bank.
The Economic and Financial Crimes Commission (EFCC) disclosed this in a statement posted on its official X account on Saturday, saying the conviction was secured by its Lagos Zonal Directorate 1.
Justice Osiagor convicted Onatayo Pelumi on five counts bordering on the retention of proceeds of unlawful activities between January 2023 and June 2026.
According to the EFCC, the charges accused Pelumi of keeping various sums of money in the bank accounts, knowing that the funds were proceeds of unlawful activities.
The court sentenced him to three years’ imprisonment on the first count, with an option of a ₦300,000 fine.
On counts two to five, he received five years’ imprisonment on each count, with an option of a ₦300,000 fine per count.
However, the prison terms are to run concurrently, meaning Pelumi faces an effective five-year jail term if he does not opt for the fines.
Beyond the jail sentence, the court ordered the forfeiture of two half-plots of land in Lagos and ₦8 million lodged in his Zenith Bank account to the Federal Government.
The properties are located at No. 23 Michael Ayorinde Street, Abule-Egba, and No. 1 Yisa Street, Meiran.
The court also ordered Pelumi to undertake seven days of community service in connection with the sentences.
The conviction adds to the EFCC’s ongoing efforts to prosecute financial crimes and recover assets linked to the proceeds of unlawful activities.
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